Source: PaxForex Premium Analytics Portal, Technical Insight
The pair could test its lows as costly natural gas prices and lingering supply-side threats leave the euro zone facing heightened recession risks, which will put pressure on the euro going forward, economists at CIBC Capital Markets report.
EUR/JPY,D1
Pivot: 137.09
Analysis:
While the price is below 137.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 137.09
- Take Profit 1: 139.30
- Take Profit 2: 140.70
Alternative scenario:
If the level 137.00 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 137.00
- Take profit 1: 135.00
- Take Profit 2: 133.35
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 142.50 | 137.00 |
| 140.70 | 135.00 |
| 139.30 | 133.35 |
